On 1 June 2015, Suzan purchased a new multi-function centre (scanner/photocopier) for $6,000 for use in her business. The effective life of the multi-function centre is 3 years. Suzan decided to buy a new multi-function centre and sold the old one on ebay for $3,000 on 31 August 2016. According to Suzan?s log book, she used the multi-function centre for business purposes for 90% of the time.
Advise Suzan of the income tax consequences of disposing of the multi-function centre using both the diminishing value and prime cost methods. Assume that Suzan does not qualify as a small business entity. (refer to ITAA 1997 and case laws )
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